- Ethereum-based altcoins are among the biggest winners in the recent crypto market slump as dYdX shows a positive market rally.
- Ethereum whales recorded huge losses following the collapse of the FTX exchange.
A recent report from crypto data platform Santiment shows how a decentralized exchange token accounted for the lion’s share of increased trading volume amid the broader crypto market turmoil.
dYdX token hits all-time high
Of all the altcoins that have slipped or made significant gains, dYdX seems to be making headlines. The asset dipped to a low on Nov. 9 trading at $1.19 and on Nov. 14 reached a high of $2.78, a steep increase of 132%.
Ranked 102 among digital assets by market capitalization, the native token of the dYdX ecosystem, DYDX, has lost some of its previous gains and is currently trading at $2.26. However, according to Saniment“smart money” accumulated in value before the DYDX saw a spike.
🐳 Key whale addresses for #Aragon are piling up as supply on exchanges continues to fall. Discover our @santimentfeed community members’ perspective on what will be key #bullish divergences to watch out for before the next big one $ANT to burst. 👀 https://t.co/D5zXNCczlb pic.twitter.com/YLITi6hITF
— Santiment (@santimentfeed) November 15, 2022
Also, mid-level portfolios with 1,000 to 10,000 DYDX saw their highest gains on November 14th. As a decentralized asset, the token uses Ethereum smart contracts to facilitate perpetual, margin, and spot trading alongside borrowing and lending.
According to Santiment, whales regularly accumulate ANT, the governance token of another DEX built on the Ethereum network. Meanwhile, as the supply of the ANT asset dwindles on exchanges, wallets holding 100,000 to 1 million of the asset are poised to hit all-time highs.
ANT trades at $1.99 and is ranked the 248th crypto asset by market capitalization. The token is up nearly 5% in the past 24 hours, according to the data. Santiment explains that it is the opposite for ETH whales. The platform said that:
Ethereum wallets with more than 100,000 ETH tokens have significantly lost their overall holdings since November 4. The decline is likely triggered by the collapse of FTX and has been correlated in some way with its price movement. However, that was to be expected given the circumstances.
Ethereum competitor shows worrying signs
Meanwhile, popular Ethereum competitor Algorand (ALGO) is showing worrying performance in the market. Researchers from crypto-analytics firm Messari have revealed that large whales own 99.7% of the asset.
In addition, the number of active users on the Algorand network is close to 79,000, which the data noted is not bad. However, the data noted that there had been nominal growth in the network over the past 12 months, as the charts showed a flat line, an indication of zero growth rate.
ALGO ranks 30th among crypto assets by market capitalization. Experts predict that the price of Algorand will drop again before the end of the year. ALGO’s poor price action and drop in price is surprising given Algorand’s partnership agreement with FIFA. As the World Cup is fast approaching, the price of ALGO should be on the rise.